ISLAMABAD – Board of Investment (BoI) Chairman Dr Miftah Ismail said participation of some 620 investors in the Second Pakistan Investment Conference proved that the country had an investment-friendly enviroment.
Delegates from 29 countries across the globe, including representatives of big companies like General Electric, Nestle and Shell attended the two-day conference and expressed confidence in pro-investment polices of the government, he added.
He was addressing a joint press conference along with Minister for Information, Broadcasting and Heritage Pervaiz Rashid after the conclusion of the moot.
Participation of investors from the United States, Newzeland, Australia, Canada, Belarus and neighbouring countries was a sign of their confidence that Pakistan’s economy was growing.
Representatives of big and small companies operating in the energy sector and expatriate Pakistanis, who attended the conference, were keen to take advantage of investment opportunities offered by the present government, he added.
The BOI Chairman said the economy had revived as consumer price index year-on-year basis was recorded at 1.6 percent, which was the lowest in 12 years. Markup rate was reduced to 6 percent, the lowest in 42 years while GDP growth was recorded at 4.5 percent, the highest during last 8 years.
The foreign direct investment (FDI) which was recorded at 13 percent had stood at 15 percent whereas internationally recognized institutions like Standards and Poor, Moodies and prominent economic magazines had appreciated the country’s economic performance, he added.
Miftah Ismail said the government had also signed an accord with Russia worth $ 2 billion for North-South Gas Pipeline to overcome energy shortages.
Besides, he said, work on the construction of LNG terminal had completed whereas work on three other LNG terminals was under progress which would help add more power in national grid.
He said by 2017, the government was determined to generate about 17,600 MW electricity. Work had started on all these projects, which would be completed in the stipulated time.
He said that US companies had shown their keen interest to provide turbines for Dasu Dam and work on mega development projects under China Pakistan Economic Corridor was under progress which would enhance investment in energy projects.
He said that General Electric had announced to invest $ 50 billion in different sectors of national economy whereas Shell company had also showed keen interest in investing in oil and gas sector.
He said that Korean and Bahraini companies were also interested for investing in different sectors of the national economy. Coca Cola company would invest $3.5 million in the country.
The BoI Chairman BoI reaffirmed the government’s commitment for providing a level playing field for foreign as well as local investors and providing them facilities to invest in the country, which had fifth largest middle class and offered immense investment potential in each sector of economy.